Gold Rises Above $1,400 on Weaker Economic Signals

by Christopher Freeburn | May 30, 2013 4:28 pm

Gold Silver GLD IAU SLV[1]A series of lackluster reports on the U.S. economy increased investor confidence that the Federal Reserve would continue stimulus efforts for the remainder of the year, boosting gold in Thursday trading. The precious metal closed above $1,400 an ounce for the first time in two weeks.

The Commerce Department said that the U.S. economy expanded at 2.4% during the first quarter, slightly less than earlier estimates, and first time claims unemployment benefits climbed by 10,000 last week.

Gold futures for July delivery gained 1.5% to $1,411.80 per ounce on Thursday, according to CME Group[2]. Gold traded as high as $1,417.60 and as low as $1,388.40. Gold bullion closed in London at $1,416, according to BullionVault[3].

Silver futures for July delivery climbed 1.1% to $22.69 per ounce. Thursday’s high for silver was $23.06 while the low was $22.31.

Gold and silver funds rose in Thursday trading.

Gold and silver mining ETFs surged during the day.

Gold mining shares advanced on Thursday.

Silver mining shares also moved sharply higher during the day.

As of this writing, Christopher Freeburn did not hold a position in any of the aforementioned securities. Adrian Ash of BullionVault[23] contributed to this report.

Endnotes:

  1. [Image]: https://investorplace.com/wp-content/uploads/2011/10/PreciousMetalsRecap.gif
  2. CME Group: http://www.cmegroup.com
  3. BullionVault: https://investorplace.com/2013/01/weak-jobs-report-lessens-gold-slide/www.bullionvault.com
  4. GLD: http://studio-5.financialcontent.com/investplace/quote?Symbol=GLD
  5. IAU: http://studio-5.financialcontent.com/investplace/quote?Symbol=IAU
  6. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  7. GDX: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDX
  8. GDXJ: http://studio-5.financialcontent.com/investplace/quote?Symbol=GDXJ
  9. SIL: http://studio-5.financialcontent.com/investplace/quote?Symbol=SIL
  10. AEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=AEM
  11. ABX: http://studio-5.financialcontent.com/investplace/quote?Symbol=ABX
  12. EGO: http://studio-5.financialcontent.com/investplace/quote?Symbol=EGO
  13. GG: http://studio-5.financialcontent.com/investplace/quote?Symbol=GG
  14. KGC: http://studio-5.financialcontent.com/investplace/quote?Symbol=KGC
  15. NEM: http://studio-5.financialcontent.com/investplace/quote?Symbol=NEM
  16. NG: http://studio-5.financialcontent.com/investplace/quote?Symbol=NG
  17. AUY: http://studio-5.financialcontent.com/investplace/quote?Symbol=AUY
  18. CDE: http://studio-5.financialcontent.com/investplace/quote?Symbol=CDE
  19. HL: http://studio-5.financialcontent.com/investplace/quote?Symbol=HL
  20. PAAS: http://studio-5.financialcontent.com/investplace/quote?Symbol=PAAS
  21. SLW: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLW
  22. SSRI: http://studio-5.financialcontent.com/investplace/quote?Symbol=SSRI
  23. BullionVault: http://www.bullionvault.com/

Source URL: https://investorplace.com/2013/05/gold-rises-above-1400-on-weaker-economic-signals/